A 10,000 megalitre weir on the Burdekin River would provide a major economic boost to the Charters Towers region and increase agricultural productivity by $35 million a year.
A business case into Big Rocks Weir, 26km north of Charters Towers, was publicly released last week, prompting calls for the state government to commit to the project.
Deputy Prime Minister Michael McCormack said the business case clearly demonstrated Big Rocks Weir would deliver strong benefits to the north.
He said up to 5000 hectares of high value agriculture, including avocados, macadamias and citrus, would be supported through supplying a minimum of 10,000ML of water.
Michael Penna has been farming on his property 20km north of Charters Towers for the past 30 years.
Mr Penna grows potatoes, hay and runs cattle on his 6000ha property, which has 5km of frontage to the Burdekin River.
"It's a mixed farm, we've grown numerous crops over the years from peanuts, navy beans, soy beans, mung beans, corn, grain sorghum and wheat," Mr Penna said.
"We're a bit of an opportunist farm. We farm in accordance with the water in the river, if the river is running low, we don't plant.
"Water is going to give us the capacity to grow crops, like tree crops that are more permanent, potentially creating more employment and turning over more money for the economy. Reliable water is integral to any farming, without water irrigated farms are worthless."
Townsville-based Senator Susan McDonald said the business case showed just how important the Big Rocks Weir was to future prosperity.
"The Big Rocks Weir is a cornerstone piece of water infrastructure and its construction is critical to the development of horticulture, fodder and food manufacturing in North Queensland," Ms McDonald said.
Herbert MP Phillip Thompson said the federal government's $30 million commitment to build Big Rocks Weir had been on the table since 2018.
He called on the state government to stump up its $30 million, allocate a water license and expedite construction approvals so that early work could begin before the wet season this year.
"If the Queensland government fully commits today, there is a strong likelihood of Big Rocks Weir being completed by the end of 2021," Mr Thompson said.
"This would enable Big Rocks Weir to be filled in the next wet season."
Charters Towers Mayor Frank Beveridge said the project should go ahead.
"The cost benefit analysis shows it is one of the highest returns for investment on any water source in North Queensland," he said.
Natural Resources Minister Anthony Lynham said the state government received the business case just over a week ago and was still considering it.
"The Palaszczuk government supports water infrastructure that stacks up economically and environmentally," Dr Lynham said.
"Dams and weirs are major projects that need to deliver value for the taxpayer.
"We have demonstrated our commitment to water security in the North with more than $410 million for the Haughton Pipeline Duplication Project, making Urannah Dam a coordinated project and now our expert panel on the Bradfield Scheme.
"The government only received the Big Rocks Weir business case (in the last week of August) and is still considering it."
